According to Ministry of Corporate Affairs filings, parking solutions startup Park+ announced on Friday to raise over $16 million in a Series C round headed by Eqip Capital II.
Eqip Capital will contribute Rs 98.12 crore (or $12.05 million) to the round, and Matrix Partners and Sequoia Capital India will each invest Rs 16.35 crore (or $2.01 million).
The company plans to increase its operational capacity using the funds.
Recently, the battery-swapping provider Mooving joined forces with Park+. More than 2,000 swapping stations will be installed around Bengaluru, Mumbai, and Delhi NCR.
In a Series B round co-led by Sequoia Capital India, Matrix Partners India, and Epiq Capital in November, the company raised $25 million.
Founded in July 2019, Park+ offers B2B (business-to-business) enterprises and daily commuters with advanced, cloud-based automated parking systems.
For FY21, the company disclosed a wider loss of Rs 24.05 crore and revenues of Rs 9.74 crore. This year, it also installed more than 1,000 EV chargers. According to Park+, it has collaborated with more than 1,500 parking lots and given over 20 lakh FASTags.